Difference between revisions of "Chicago Board of Trade"

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m (CBOT 2006 Annual Report<ref>{{cite web|name="2006 CBOT Annual Report"|url=http://files.shareholder.com/downloads/CME/145692833x0x117281/874EA287-CD91-43FB-9187-83B2463F94F1/2006AR.pdf|org=CME Group|date=Jan. 19, 2008}}</ref>)
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(Additionally, see [[CME Group]] for more detailed history)
 
(Additionally, see [[CME Group]] for more detailed history)
  
== CBOT 2006 Annual Report<ref>{{cite web|name="2006 CBOT Annual Report"|url=http://files.shareholder.com/downloads/CME/145692833x0x117281/874EA287-CD91-43FB-9187-83B2463F94F1/2006AR.pdf|org=CME Group|date=Jan. 19, 2008}}</ref> ==
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== CBOT 2006 Annual Report<ref>{{cite web|name="2006 CBOT Annual Report"|url= http://files.shareholder.com/downloads/CME/145692833x0x117302/DB360F04-4B63-4036-9C3F-CF1CEC571640/81572.pdf|org=CME Group|date=Jan. 19, 2008}}</ref> ==
  
 
== References ==
 
== References ==

Revision as of 15:01, 19 January 2008

Chicago Board of Trade
Founded 1848
Headquarters Chicago
Key People See CME Group
Products Futures and options on futures: agricultural, interest rates, Dow stock indexes, precious metals
Website http://www.cmegroup.com

The former Chicago Board of Trade (officially, the Board of Trade of the City of Chicago) is the oldest and one of the largest futures exchanges in the world.

In July 2007 the 159-year-old Chicago Board of Trade was acquired by Chicago Mercantile Exchange (CME) to form CME Group. The union of the two exchanges established CME Group as the world's largest and most diverse exchange, with products spanning all major asset classes. Template:Infobox Midpage Need Sponsor

History

The Chicago Board of Trade was founded in 1848 and over the years established itself as an icon for futures trading and finance in the City of Chicago, nationally and internationally.

At its outset, it was created for the expressed purpose of organizing and standardizing transactions for grains. It also established an independent clearing house in 1925, the Board of Trade Clearing Corporation, to guarantee trades, a revolutionary concept at the time.

For years, the CBOT rightfully characterized itself as "the oldest and largest futures exchange in the world." It had a thriving grain and oilseed futures business that took off as other countries imported U.S. grain products in the 1970s, and it had created a number of benchmark finacial products including U.S. Treasury bond futures and GNMA futures, among others. In addition, the first exchange-traded options exchange, the Chicago Board Options Exchange was the Chicago Board of Trade's brainchild.

As globalization of the futures business spawned new exchanges and as other exchanges introduced what became highly successful, high-volume products, CBOT could no longer make the claim of "largest," even in Chicago. Chicago Mercantile Exchange, the CBOT's crosstown "rival" eclipsed CBOT's trading volume before the turn of the 21st century. Then after years of speculation that the two exchanges would one day merge, they did. In 2006, CME approached the then-publicly traded CBOT with an offer to buy, which eventually was accepted by the CBOT board and shareholders.

With the Federal Reserve Bank of Chicago on one side and the once-Continental Bank on its other, the deco art Board of Trade building stands at the foot of Chicago's financial district on LaSalle Street. That building, in which is etched "Chicago Board of Trade," will continue to be used, encasing all CME Group trading floor operations beginning in early 2008 as the CME's floor-traded legacy products move off of the CME trading floor at 20 South Wacker Drive, Chicago.

(Additionally, see CME Group for more detailed history)

CBOT 2006 Annual Report[1]

References

  1. "2006 CBOT Annual Report". CME Group.